Gov. Tom Wolf announced Wednesday two new low-interest loan approvals through the Pennsylvania Industrial Development Authority (PIDA) program for DelGrosso Foods Inc. in Blair County and Commercial Flooring Professionals in Cumberland County.
The funding will support the expansion of the two companies and help create and retain more than 115 jobs.
“This is great news for workers and families in Pennsylvania,” Wolf said. “These companies have had great success over the years, and this new funding will help launch their products into the next level. We’re always proud to support small businesses because they are the backbone of our economy.”
DelGrosso Foods Inc., a spaghetti and pizza sauce manufacturer, was approved for a 15-year, $2 million loan at a 2.5 percent rate through the Altoona-Blair County Development Corporation. The loan will enable the company to acquire and renovate a 160,220-square-foot manufacturing building in Antis Township. The building will initially serve as warehousing space but will be made into a new production facility within two years. The project is expected to create nine full-time jobs and retain 104 jobs over the next three years.
Commercial Flooring Professionals, Inc. (CFP) received approval for a $200,000, 15-year loan at a 3.5 percent rate through the Cumberland Area Economic Development Corporation. The loan will enable the acquisition and renovation of a 4,882-square-foot building in Lower Allen Township, which will provide more showroom and warehouse space. Renovations will include a new showroom, exterior awnings and a resurfaced parking lot. The project is expected to retain four full-time jobs.
PIDA, an independent authority staffed and regulated through the Department of Community and Economic Development, has approved $7,483,000 in low-interest loans so far in 2019.